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Ian Hannam, the former JP Morgan banker whose deal-making earned him the sobriquet of the “king of mining”, will have to find £450,000 in the next two weeks after the financial regulator’s fine for market abuse was upheld on appeal.

The rainmaker, who has floated six FTSE 100 companies, had fought the Financial Conduct Authority’s ruling in 2012 that he was guilty of leaking inside information to a Kurdish minister while trying to attract bids for Heritage Oil.

The former soldier lost his appeal in May and yesterday the FCA said that the appeal body had upheld its fine, giving